Technical outlook:
EURUSD might have carved a lower high around the 1.1920 level last week before turning lower. EUR/USD is seen to be trading around the 1.1770 level at this point in writing after dropping to a 1.1745 low yesterday. The pair could produce an intraday rally toward the 1.1850/60 levels in the immediate future but prices should remain well capped below 1.1920 highs. Also note that EURUSD had rallied up to the Fibonacci 0.50 levels of earlier drop between 1.2010 and 1.1600/10 respectively. It the above structure remains intact, bears may push prices below 1.1600 in the next few trading sessions. Immediate resistance is seen at 1.1920, while intermediary support comes around the 1.1600 level respectively. A drop below 1.1600 will confirm that bears are back in control.
Trading plan:
Remain short, stop @ 1.2010, target below 1.1500
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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